Mark Corporate Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Post Offer Advertisement under Regulation 18(12) of Securities and Exchange Board of India (Substantial ....
Awaiting price reaction for this filing.
Photon Capital Advisors has completed an Open Offer from acquirer Sreeram Reddy Vanga at ₹115 per share. The offer opened on March 25, 2026 and closed on April 10, 2026, with payment completed on April 20, 2026. While the offer was sized for up to 7,11,000 equity shares (26.13% of voting share capital) worth ₹8.17 crore, only a meagre 32 equity shares were actually tendered by public shareholders, valued at just ₹3,680. The acquirer still achieved a post-offer shareholding of 54.47% via a Share Purchase Agreement (36.64%) and Preferential Allotment (17.83%), taking effective control of the company.
Public shareholders showed almost no interest in tendering shares at ₹115, suggesting either the price was unattractive or shareholder confidence in the company's future post-acquisition is mixed. The acquirer now holds majority control (54.47%), leaving public shareholders with 45.53%. Minority shareholders should watch for any follow-on corporate actions from the new controlling shareholder.